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Bitcoin Cash ABC, EOS and Ethereum Daily Tech Analysis – 14/12/19

It’s a slow first hour for the majors… A move through to key levels by late morning would be needed to avoid a slide into the red…
Bob Mason
Depositphotos_193678068_s-2019

Bitcoin Cash – ABC

Bitcoin Cash ABC rose by 1.88% on Friday. Reversing a 0.48% fall from Thursday, Bitcoin Cash ABC ended the day at $211.14.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $205.68 before making a move.

Steering clear of the major support levels, Bitcoin Cash ABC rallied to a late afternoon intraday high $212.61.

The rally saw Bitcoin Cash ABC break through the first major resistance level at $208.12 and second major resistance level at $209.98.

At the time of writing, Bitcoin Cash ABC was up by 0.02% to $211.18. Within the first hour, Bitcoin Cash ABC rose from an early morning low $210.60 to a high $211.18.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the Day Ahead

A move back through to Friday’s high $212.61 would support a run at the first major resistance level at $213.94.

Bitcoin Cash ABC would need the support of the broader market, however, to break back through to $212 levels.

Barring a broad-based crypto rally, resistance at $213 would likely pin Bitcoin Cash ABC back on the day.

In the event of a rally, the second major resistance level at $216.74 could come into play.

Failure to move back through Friday’s high $212.61 could weigh on Bitcoin Cash ABC later in the day.

A fall through to sub-$210 levels would bring the first major support level at $207.01 into play before any recovery.

Barring a broad-based crypto sell-off, however, Bitcoin Cash ABC should steer clear of the second major support level at $202.88.

Looking at the Technical Indicators

Major Support Level: $207.01

Major Resistance Level: $213.94

23.6% FIB Retracement Level: $269

38% FIB Retracement Level: $316

62% FIB Retracement Level: $393

EOS

EOS rallied by 1.4% on Friday. Following on from a 0.36% gain on Thursday, EOS ended the day at $2.6313.

A mixed start to the day saw EOS fall to a mid-morning intraday low $2.5803 before finding support.

Steering clear of the first major support level at $2.5364, EOS rallied to a late afternoon intraday high $2.6523.

EOS broke through the first major resistance level at $2.6392 before easing back to $2.61 levels.

While finding late support, the first major resistance level pinned EOS back from a late breakout.

At the time of writing, EOS was up by 0.04% to $2.6323. A range-bound first hour saw EOS fall to an early morning low $2.6312 before rising to a high $2.6323.

EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to steer clear of sub-$2.63 levels to support a run at the first major resistance level at $2.6628.

Support from the broader market would be needed, however, for EOS to break out from Thursday’s high $2.6523.

Barring a broad-based crypto rally, resistance at $2.65 levels would likely limit any upside on the day.

Failure to steer clear of sub-$2.63 levels could see EOS reverse Friday’s gains.

A fall through to sub-$2.6220 levels would bring the first major support level at $2.5908 into play before any recovery.

Barring a crypto meltdown, however, EOS should steer well clear of sub-$2.58 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $2.5908

Major Resistance Level: $2.6628

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum ended the day flat on Friday. Following a 0.98% gain on Thursday, Ethereum ended the day at $144.70.

A bearish start to the day saw Ethereum fall to a late morning intraday low $142.76 before finding support.

Steering clear of the first major support level at $140.49, Ethereum rallied to a late afternoon intraday high $145.13.

Falling short of the major resistance levels, Ethereum fell back to $143 levels before late support kicked in.

At the time of writing, Ethereum was up by just 0.06% to $144.79. A relatively bullish start to the day saw Ethereum rise to a high $145.03 before falling to a low $144.58.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move back through to $145 levels to support a run at the first major resistance level at $145.63.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $145.13.

In the event of a broad-based crypto rally, the second major resistance level at $146.57 could come into play.

Failure to move back through to $145 levels could see Ethereum hit reverse.

A fall back through to sub-$144.20 levels would bring the first major support level at $143.26 into play.

Barring an extended sell-off, however, Ethereum should steer well clear of the second major support level at $141.83.

Looking at the Technical Indicators

Major Support Level: $143.26

Major Resistance Level: $145.63

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Please let us know what you think in the comments below.

Thanks, Bob

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